FAIRFIELD, Conn. — HJ Sims, a Fairfield-based lender, has provided an undisclosed amount of refinancing for a senior living community in the Mountain West.
A well-established owner, operator and developer of seniors housing communities, operates the assisted living and memory care community. The ownership group currently operates more than 25 communities across the Western United States.
The Fannie Mae loan was structured with a 12-year term versus the standard 10-year term, which provides additional flexibility for the borrower in pushing out any need to refinance or exit the investment. The loan includes two years of interest-only payments followed by a 30-year amortization.
Structured at a 70 percent loan-to-value ratio, the nonrecourse financing provided loan proceeds to pay off the construction loan in full and access equity, meeting the borrower’s previously planned objectives.